The Portsmouth Naval Base Property Trust was set up in 1985 by the Ministry of Defence and Portsmouth City Council. Its initial purpose was to take responsibility for the long-term preservation of the historic south-west corner of Portsmouth Naval Base which had been released under the 1982 Defence Review. It was also intended to safeguard any further historic defence estate which might either be released in the future by the MOD or become available on the open market. The Trust is therefore a property development agency specialising in the re-use of historic buildings within Portsmouth Historic Dockyard which have an association with the Naval Base.